The global edible oils market is expected to register a CAGR of 5.1% to reach an estimated value of $130.3 billion by the end of 2024, according to a new report published by Persistence Market Research, “Global Market Study on Edible Oils: Industry Analysis and Forecast 2016-2024.” The projected market trend can be attributed to rising health concerns across the globe and growing demand for healthy edible oils such as canola and olive oil.

Manufacturers are adopting new techniques to increase production of edible oils such as cold pressing. This combined with growing disposable incomes and the growing demand for snacks and fried food globally are major drivers in the global market. The rising retail sector is a major boon to the global edible oils market as well.

In terms of type, the global edible oils market is segmented into palm oil, soybean oil, sunflower oil, olive oil, corn oil, canola oil, specialty blended oils, and other oils. The palm oil segment is projected to register the fastest growth rate through the forecast period, with the segment accounting for over 32% share in the global market, in terms of volume, in 2015. Soybean oil is projected to register a slight negative growth owing to the surplus availability of raw materials and shifting consumer preferences toward healthier edible oil options such as olive and canola oil. This shifting market trend is a result of increasing disposable income levels worldwide and growing awareness about the importance of healthy eating.

In terms of end users, the global market is segmented into foodservice, food processor, and retail. Well-established supply chains are expected to drive the retail segment in the global market. The segment is expected to register a CAGR of 5.3% through the forecast period. The foodservice segment is projected to register a CAGR of 5.1% through the forecast period due to the lower prices of palm oil and easy availability.

The global edible oils market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific is projected to dominate the global market, accounting for 41.2% share in 2015, and is expected to account for 42.4% at the end of 2024. The projected market trend can be ascribed to growing demand for edible oils in India and China, especially in the food and beverages industries in the region. Europe and MEA are anticipated to register negative growth in terms of market share through the forecast period owing to shifting consumer preferences toward high-quality edible oils in the regions.

Major players in the global edible oils market include The Adani Wilmar Ltd., Ruchi Soya Industries Ltd., Associated British Foods (Ach), Adams Group, Olympic Oils Limited, Borges Mediterranean Group, Archer Daniels Midland Company, Cargill Inc., American Vegetable Oils, Inc., Bunge Limited, Beidahuang Group, and Fuji Vegetable Oil, Inc.